Banks Brace for Economic Pain as Big Lenders Set Aside Billions
JPMorgan Chase Wells Fargo and Citigroup set aside nearly 30 billion in the second quarter to cover potential loan losses amid a deep downturn from the coronavirus. Profit declines and a first quarterly loss since 2008 reflect weakened consumer and business finances, with forbearance and weak oil lending exacerbating pressure. Local reopenings and a looming vaccine remain uncertain as the Federal Reserve warned of a potential double dip.
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Peacock joins streaming with paid and free options
NBCUniversal launches Peacock amid pandemic production halts with nine debut programs on day one and 20,000 hours of library fare. The service offers a free, ad-supported tier and two paid plans, with live sports including Premier League, plus reboots and original series from Battlestar Galactica reboot to Saved by the Bell and Punky Brewster.
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Asia shares slide as virus fears and U S China tensions rise
Asian stock markets fell on Tuesday as doubts about global market momentum grew amid rising coronavirus cases and U S China frictions. Japan's Nikkei dropped 0.8 percent to 22609.57, Kospi fell 0.4 percent, ASX 200 down 0.8 percent, Hang Seng down 1.9 percent, and Shanghai Composite near 1.2 percent. Singapore Q2 GDP fell 12.6 percent year on year, the steepest contraction among regional estimates.
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Find Something New aims to retrain unemployed amid pandemic
Ivanka Trump unveiled a White House backed national ad campaign named Find Something New to promote skills based career paths for students mid career workers and millions left jobless by the coronavirus. Apple and IBM back the effort which critics say is tone deaf during the crisis. Virgin Atlantic raises 1.8 billion dollars in private funding with Branson backing 200 million pounds and lenders including Delta deferring payments. Davidson Kempner lends 170 million pounds as part of an 18 month recapitalization to restore connectivity and competition post pandemic.
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